Jane spends her monthly dining-out budget of $300.00 on either steak or lobster dinners. Using the above figure, what is the opportunity cost of a lobster dinner in terms of steak dinners?

A price searcher faces the following demand function: At $7, 6, 5, 4, and $3, the quantity demanded is 300, 400, 500, 600, and 700 units respectively. Which statement below is true?

A) Total revenue is $11,500. B) Marginal revenue is $300 when the price is $5. C) Marginal revenue is $100 when the price is $5. D) Marginal revenue is $2100 when the price is $3.

If green bikes and brown bikes are perfect substitutes, the corresponding indifference curves

A) are horizontal. B) intersect each other. C) are vertical. D) have constant slope.